Absolute Return Portfolio aimed superior risk adjusted returns for all market cycles.

Key Attributes

Date of Inception: March2017 AIF CAT 3 Platform & November 2020 on PMS Platform

Category: Long Short

Fund Manager: Vaibhav Sanghavi

Fund Manager Qualification: Vaibhav is a CA by qualification and a graduate from Narsee Monjee College of Commerce and Economics

Fund Manager Experience

Vaibhav Sanghavi has an overall work experience of 17 years with deep domain expertise in hedge funds. He joined Avendus in 2016 and is currently the Co-CEO for Avendus Capital Public Markets Alternate Strategies LLP, based in Mumbai. As part of his role, he is the lead portfolio manager for all its funds and holds a track record of outperforming markets across cycles. Prior to joining Avendus, Vaibhav worked with Ambit Investment Advisors as a Managing Director where he was responsible for driving their hedge fund business. During his eight-year stint with the firm, he successfully managed the largest onshore Indian hedge fund with an exemplary track record.

Before Ambit, he worked for 3 years with DSP Merrill Lynch’s strategic risk group and was responsible for managing their proprietary investments in equities amounting to USD 1 billion

Investment Objective

The investment objective of the strategy is to generate absolute returns over the medium term, with a reduced volatility.

Investment Philosophy

It is focused on innovative investment management strategies, with strong risk management for capital preservation. The fund seeks capital appreciation and positive returns in an efficient, risk – adjusted manner through long and short positions in equities and indices(derivatives). It is intended to produce absolute returns with less volatility than the overall stock market and low correlation to conventional asset classes, across variety of market scenarios.

Investment Strategies

The fund deploys the following strategies to achieve its investment objective:

  • The strategy is based on the team’s assessment of markets from a global and local perspective and looking at important macros to determine the sectors and stocks which are likely to outperform and underperform the markets.
  • Assessment of fundamental, technical, and momentum factors are used to arrive at the pool of stocks for portfolio construction on long and short side.
  • A combination of long and short positions in the portfolio aims to generate returns with lower volatility over a period.

Avendus Absolute Return Fund is one of the largest hedge funds in India and has been awarded best Indian Hedge Fund by Eureka Hedge Awards and the Best Single Country Fund at the 18th HFM Asia Hedge Awards 2019, in Hong Kong. Recently, it was awarded best Long short fund on the basis of risk-adjusted returns, at the recent PMS AIF WORLD Summit 2021

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